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Mortgage Market Update
My Mortgage Company
Seth M Reeves
Friday, November 6, 2026
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Should you refinance, or pay extra instead? |
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Every homeowner reaches a point where they wonder if their mortgage is working as hard as it could. This week I want to walk through one question that might surprise you.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Refinance Strategy
When paying down your loan makes more sense than moving
A lot of homeowners ask me whether they should refinance when rates shift. But before we talk about a new loan, it's worth asking: what's actually driving the question? Sometimes the smartest move isn't refinancing at all—it's paying extra toward your existing mortgage to build equity faster, reduce interest over time, or shorten your loan term. Other times, a refinance genuinely saves you money. The difference comes down to your specific situation: how long you plan to stay, what your current rate and term look like, and whether closing costs make financial sense for your goals. There's no one-size-fits-all answer, which is exactly why it helps to run the numbers together. Let's talk through what makes the most sense for you.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Seth M Reeves
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